A brief history of population -- Malthus and sons -- The greying of Europe -- Asia: the price of miracles -- The economics of babies -- The Africa question -- Shutting down the factory in Brazil -- Push and pull migration -- The Elephant rises, the Dragon declines -- The second American century...

The paper employs an extended Yaari-Blanchard model of overlapping generations to study how the macroeconomy is affected over time by various demographic changes. It is shown that a proportional decline in fertility and death rates has qualitatively similar effects to capital income subsidies;...

Intro -- Contents -- I. INTRODUCTION -- II. SOME BACKGROUND ON GLOBAL DEMOGRAPHIC CHANGE -- III. MODELING THE ECONOMIC IMPACT OF DEMOGRAPHIC CHANGE -- IV. HOW WILL DEMOGRAPHIC CHANGE AFFECT THE GLOBAL ECONOMY? -- V. SENSITIVITY ANALYSIS -- VI. CONCLUSIONS AND POLICY IMPLICATIONS -- Appendix: The...